Currently, $ZEC has positioned short near 400, and the overall judgment remains bearish.
From a sectoral perspective, the short-term enthusiasm for the privacy track has clearly cooled down, with weakened capital inflows, while on-chain data shows:
Small funds continue to attempt bottom fishing; large funds, however, are continuously reducing their positions. This indicates that the dominant force in the market is still withdrawing, making it difficult for a rebound to form an effective continuation.
In the short-term structure, ZEC's rebound is mainly a technical correction, and it is recommended to take a short position as the main strategy during the rebound.
Reference: Attempt to short lightly near the rebound to the 400-410 range, with the first target at 360, and further looking towards 320-300.
In the medium to long term, if the privacy narrative continues to retreat and market liquidity weakens, ZEC still has the potential for a significant pullback,
with long-term support expected around 100 USD.
For spot holders, it is recommended to take partial profits or cut losses and exit,
waiting for the market to enter a new round of bear market bottom before considering medium to long-term positioning.
